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Loans Held for Investment (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans by Class
The following table presents loans by class of receivable and portfolio segment as of the dates indicated:
December 31,20252024
Real estate:  
Commercial$8,144.4 $9,263.2 
Construction837.2 1,244.6 
Residential2,108.8 2,191.6 
Agricultural629.0 701.1 
Total real estate11,719.4 13,400.5 
Consumer:
Indirect477.5 725.0 
Direct and advance lines131.5 134.0 
Credit card— 77.6 
Total consumer609.0 936.6 
Commercial2,359.6 2,829.4 
Agricultural520.2 687.9 
Other, including overdrafts1.7 1.6 
Loans held for investment15,209.9 17,856.0 
Deferred loan fees and costs(8.3)(11.1)
Loans held for investment, net of deferred fees and costs15,201.6 17,844.9 
Allowance for credit losses(191.4)(204.1)
Net loans held for investment$15,010.2 $17,640.8 
Schedule of Allowance for Loan Losses by Portfolio Segment
The following tables represent, by loan portfolio segments, the activity in the allowance for credit losses for loans held for investment:
December 31, 2025Beginning BalanceProvision for
Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$139.4 $7.8 $(23.6)$7.6 $131.2 
Consumer16.8 6.2 (17.5)5.7 11.2 
Commercial38.9 4.6 (8.9)2.3 36.9 
Agricultural9.0 7.9 (5.0)0.2 12.1 
Total allowance for credit losses$204.1 $26.5 $(55.0)$15.8 $191.4 
December 31, 2024Beginning BalanceProvision for
Credit Loss
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$160.1 $17.7 $(39.6)$1.2 $139.4 
Consumer13.0 14.3 (15.4)4.9 16.8 
Commercial50.2 44.3 (59.4)3.8 38.9 
Agricultural4.4 4.6 (0.3)0.3 9.0 
Total allowance for credit losses$227.7 $80.9 $(114.7)$10.2 $204.1 
December 31, 2023Beginning BalanceProvision for (reversal of) Credit Loss
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$138.7 $35.2 $(18.5)$4.7 $160.1 
Consumer23.3 (1.0)(14.0)4.7 13.0 
Commercial54.9 (3.9)(3.4)2.6 50.2 
Agricultural3.2 0.8 — 0.4 4.4 
Total allowance for credit losses$220.1 $31.1 $(35.9)$12.4 $227.7 
(1) Amounts presented exclude the allowance for credit losses related to unfunded commitments and investment securities. The allowance for credit losses related to unfunded commitments and investment securities are included in the “Financial Instruments with Off-Balance Sheet Risk” Note and “Investment Securities” Note, respectively.
(2) Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes the collectability of the principal is unlikely, or, with respect to consumer installment loans, according to an established delinquency schedule.
Financing Receivable Repayment Through Operation or Sale of Collateral
The following tables present the principal balance of collateral-dependent loans by class of receivable as of the dates indicated:
Collateral Type
As of December 31, 2025Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $33.5 $— $33.5 
Construction— 3.8 — 3.8 
Residential— 2.6 — 2.6 
Agricultural0.5 23.3 — 23.8 
Total real estate0.5 63.2 — 63.7 
Commercial5.3 8.4 1.3 15.0 
Agricultural22.9 0.5 — 23.4 
Total collateral-dependent loans$28.7 $72.1 $1.3 $102.1 
Collateral Type
As of December 31, 2024Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $47.3 $— $47.3 
Construction— 3.2 — 3.2 
Residential— 2.7 — 2.7 
Agricultural— 1.8 — 1.8 
Total real estate— 55.0 — 55.0 
Commercial20.3 1.1 0.8 22.2 
Agricultural— 20.3 0.1 20.4 
Total collateral-dependent loans$20.3 $76.4 $0.9 $97.6 
Schedule of Recorded Investment in Past Due Loans by Class
Loans are considered past due if the required principal and interest payments have not been received 30 days or more past the contractual payment due date. Loans classified in the following table as 90 days or more past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded principal balance of loans by class of receivable as of the dates indicated:
30 - 5960 - 8990 or more
DaysDaysDaysTotal LoansCurrentNon-accrualTotal
As of December 31, 2025Past DuePast DuePast DuePast DueLoans
Loans(1)(2)(3)
Loans
Real estate:
Commercial$34.1 $5.7 $0.3 $40.1 $8,068.7 $35.6 $8,144.4 
Construction13.4 0.1 — 13.5 819.4 4.3 837.2 
Residential8.3 2.5 0.1 10.9 2,084.0 13.9 2,108.8 
Agricultural0.2 — — 0.2 601.7 27.1 629.0 
Total real estate56.0 8.3 0.4 64.7 11,573.8 80.9 11,719.4 
Consumer:
Indirect6.5 1.7 0.1 8.3 463.6 5.6 477.5 
Direct and advance lines0.9 0.2 — 1.1 129.7 0.7 131.5 
Total consumer7.4 1.9 0.1 9.4 593.3 6.3 609.0 
Commercial3.1 4.9 0.9 8.9 2,329.0 21.7 2,359.6 
Agricultural0.5 0.6 — 1.1 494.5 24.6 520.2 
Other, including overdrafts— — — — 1.7 — 1.7 
Loans held for investment$67.0 $15.7 $1.4 $84.1 $14,992.3 $133.5 $15,209.9 
30 - 5960 - 8990 or more
DaysDaysDaysTotal LoansCurrentNon-accrualTotal
As of December 31, 2024Past DuePast DuePast DuePast DueLoans
Loans(1)(2)(3)
Loans
Real estate:
Commercial$4.9 $2.8 $— $7.7 $9,200.1 $55.4 $9,263.2 
Construction3.7 — — 3.7 1,237.6 3.3 1,244.6 
Residential6.6 2.7 0.4 9.7 2,166.5 15.4 2,191.6 
Agricultural7.6 2.8 — 10.4 685.4 5.3 701.1 
Total real estate22.8 8.3 0.4 31.5 13,289.6 79.4 13,400.5 
Consumer:
Indirect8.4 2.6 0.7 11.7 709.4 3.9 725.0 
Direct and advance lines0.6 0.2 0.3 1.1 132.3 0.6 134.0 
Credit card0.7 0.5 1.0 2.2 75.4 — 77.6 
Total consumer9.7 3.3 2.0 15.0 917.1 4.5 936.6 
Commercial11.2 3.0 0.6 14.8 2,781.1 33.5 2,829.4 
Agricultural2.4 2.8 — 5.2 661.8 20.9 687.9 
Other, including overdrafts— — — — 1.6 — 1.6 
Loans held for investment$46.1 $17.4 $3.0 $66.5 $17,651.2 $138.3 $17,856.0 
(1) As of December 31, 2025 and 2024, none of our non-accrual loans were earning interest income. Additionally, $5.6 million and $5.5 million of interest income was recognized on non-accrual loans at December 31, 2025 and 2024, respectively. There were $3.4 million and $4.1 million in reversals of accrued interest at December 31, 2025 and 2024, respectively.
(2) As of December 31, 2025 and 2024, there were approximately $59.8 million and $56.9 million, respectively, of non-accrual loans for which there was no related allowance for credit losses, as these loans had sufficient collateral securing the loan for repayment.
(3) As of December 31, 2025, there were approximately $4.5 million, $3.8 million, and $60.5 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. As of December 31, 2024, there were approximately $13.5 million, $6.2 million, and $40.5 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively.
Financing receivable, Modified
The following tables present the amortized cost basis of loans, by class and by type of modification, as of and for the years ended December 31, 2025, 2024, and 2023, that were both experiencing financial difficulty and modified during the periods indicated. The percentage of the principal balance of loans that were modified to borrowers in financial distress as compared to the principal balance of each class of receivable is also presented below:
2025Principal ForgivenessTerm ExtensionRate ReductionTerm Extension and Interest Rate ReductionTotal
% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial$— $28.5 $— $1.5 $30.0 0.37 %
Construction— 1.9 — — 1.9 0.23 
Residential— 0.3 — 0.1 0.4 0.02 
Agricultural— 11.6 — 2.8 14.4 2.29 
Total real estate— 42.3 — 4.4 46.7 0.40 
Consumer:
Indirect— 0.1 — — 0.1 0.02 
Total consumer— 0.1 — — 0.1 0.02 
Commercial— 34.2 — 0.4 34.6 1.47 
Agricultural— 9.2 — — 9.2 1.77 
Loans held for investment(2)
$— $85.8 $— $4.8 $90.6 0.60 
2024
Real estate:
Commercial$— $26.4 $— $— $26.4 0.28 %
Construction— 1.9 — — 1.9 0.15 
Residential— — — 0.3 0.3 0.01 
Agricultural— 12.0 — — 12.0 1.71 
Total real estate— 40.3 — 0.3 40.6 0.30 
Consumer:
Indirect— 0.1 — — 0.1 0.01 
Total consumer— 0.1 — — 0.1 0.01 
Commercial— 8.9 — 0.6 9.5 0.34 
Agricultural— 20.1 — — 20.1 2.92 
Loans held for investment(2)
$— $69.4 $— $0.9 $70.3 0.39 
2023
Real estate:
Commercial$1.5 $28.6 $1.1 $0.6 $31.8 0.36 %
Construction— 13.7 — — 13.7 0.75 
Residential0.1 0.6 — — 0.7 0.03 
Agricultural— 6.4 — — 6.4 0.89 
Total real estate1.6 49.3 1.1 0.6 52.6 0.39 
Consumer:
Indirect— 0.1 — — 0.1 0.01 
Direct and advance lines— 0.1 — — 0.1 0.07 
Total consumer— 0.2 — — 0.2 0.02 
Commercial— 7.4 — 0.2 7.6 0.26 
Agricultural— 36.1 — — 36.1 4.69 
Loans held for investment(2)
$1.6 $93.0 $1.1 $0.8 $96.5 0.53 
(1) Based on the principal balance as of period end, divided by the period end principal balance of the corresponding class of receivables.
(2) As of and for the years ended December 31, 2025 and 2024, and 2023, the Company excluded $1.4 million, $0.2 million, and $1.6 million, respectively, in accrued interest from the amortized cost of the identified loans.
The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty as of and for the years ended December 31, 2025, 2024, and 2023:
Term Extension and Interest Rate Reduction
2025Principal ForgivenessWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate ReductionWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate Reduction
Real estate:
Commercial$— 9.3— %10.71.0 %
Construction— 7.4— 0.0— 
Residential— 22.3— 84.82.2 
Agricultural— 12.7— 4.00.3 
Total real estate— 
Consumer:
Indirect— 10.5— 0.0— 
Total consumer— 
Commercial— 7.7— 71.81.4 
Agricultural— 7.1— 7.91.0 
Loans held for investment (1)
$— 
2024
Real estate:
Commercial$— 8.6— %0.0— %
Construction— 4.0— 0.0— 
Residential— 0.0— 31.23.4 
Agricultural— 10.4— 0.0— 
Total real estate— 
Consumer:
Indirect— 7.0— 0.0— 
Total consumer— 
Commercial— 20.2— 10.01.0 
Agricultural— 9.4— 0.0— 
Loans held for investment (1)
$— 
2023
Real estate:
Commercial$1.3 5.80.35 %6.00.3 %
Construction— 9.1— 0.0— 
Residential0.3 131.6— 0.0— 
Agricultural— 4.5— 0.0— 
Total real estate1.6 
Consumer:
Indirect— 8.3— 0.0— 
Direct and advance lines— 62.1— 0.0— 
Total consumer— 
Commercial— 12.2— 14.60.5 
Agricultural— 9.2— 0.0— 
Loans held for investment (1)
$1.6 
(1) Balances based on loan original contractual terms.
Financing Receivable Credit Quality Indicators
The Company evaluates the credit quality and loan performance for the allowance for credit losses of the following class of receivables by origination year using the origination date or the loan’s subsequent renewal or modification date based on the aforementioned risk scale as of and for the periods ended:
December 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$1,025.6 $948.6 $1,095.2 $1,344.8 $1,101.6 $1,892.9 $59.0 $49.5 $7,517.2 
Special mention96.3 28.9 43.7 35.4 64.6 88.4 0.6 — 357.9 
Substandard81.1 41.4 27.8 32.7 27.7 48.4 — — 259.1 
Doubtful1.9 2.2 5.7 — 0.4 — — — 10.2 
Total$1,204.9 $1,021.1 $1,172.4 $1,412.9 $1,194.3 $2,029.7 $59.6 $49.5 $8,144.4 
Construction real estate:
Pass$240.1 $211.5 $110.4 $92.3 $25.4 $21.3 $85.9 $12.5 $799.4 
Special mention3.8 5.0 — 14.4 — — — — 23.2 
Substandard10.7 0.1 0.2 0.3 1.0 0.1 0.2 — 12.6 
Doubtful— 1.3 — — 0.7 — — — 2.0 
Total$254.6 $217.9 $110.6 $107.0 $27.1 $21.4 $86.1 $12.5 $837.2 
Agricultural real estate:
Pass$100.8 $68.5 $36.5 $104.0 $73.7 $121.6 $19.7 $— $524.8 
Special mention10.2 10.1 3.4 4.5 8.7 13.8 2.1 — 52.8 
Substandard15.9 9.5 6.6 2.9 8.1 7.8 — 0.6 51.4 
Doubtful— — — — — — — — — 
Total$126.9 $88.1 $46.5 $111.4 $90.5 $143.2 $21.8 $0.6 $629.0 
Commercial:
Pass$301.3 $287.8 $228.4 $277.2 $225.5 $260.4 $593.3 $4.6 $2,178.5 
Special mention6.4 23.7 3.3 1.4 3.2 0.4 52.8 0.2 91.4 
Substandard9.3 13.4 6.8 14.2 4.7 0.7 26.2 1.3 76.6 
Doubtful4.9 1.0 0.5 6.3 0.4 — — — 13.1 
Total$321.9 $325.9 $239.0 $299.1 $233.8 $261.5 $672.3 $6.1 $2,359.6 
Agricultural:
Pass$80.2 $25.0 $15.1 $25.6 $7.5 $4.7 $277.8 $5.6 $441.5 
Special mention7.9 1.4 2.7 2.0 0.4 — 26.0 — 40.4 
Substandard3.3 3.6 0.8 0.8 — 0.4 9.6 1.0 19.5 
Doubtful6.2 — 2.6 — — — 2.0 8.0 18.8 
Total$97.6 $30.0 $21.2 $28.4 $7.9 $5.1 $315.4 $14.6 $520.2 
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$1,208.5 $1,340.2 $1,909.1 $1,344.1 $1,069.7 $1,778.3 $74.1 $109.8 $8,833.8 
Special mention78.4 17.5 15.8 16.1 4.9 79.2 0.6 9.8 222.3 
Substandard81.5 12.1 22.0 37.3 10.2 43.5 0.5 — 207.1 
Doubtful— — — — — — — — — 
Total$1,368.4 $1,369.8 $1,946.9 $1,397.5 $1,084.8 $1,901.0 $75.2 $119.6 $9,263.2 
Construction:
Pass$438.0 $233.0 $320.2 $76.5 $17.3 $20.9 $124.8 $1.8 $1,232.5 
Special mention2.1 — 6.4 — — — — — 8.5 
Substandard— — — — — — — — — 
Doubtful3.6 — — — — — — — 3.6 
Total$443.7 $233.0 $326.6 $76.5 $17.3 $20.9 $124.8 $1.8 $1,244.6 
Agricultural real estate:
Pass$118.6 $53.0 $104.7 $107.9 $66.0 $144.1 $33.4 $0.5 $628.2 
Special mention1.1 0.2 6.8 6.1 8.5 0.7 — — 23.4 
Substandard12.9 8.2 19.7 3.4 4.4 0.9 — — 49.5 
Doubtful— — — — — — — — — 
Total$132.6 $61.4 $131.2 $117.4 $78.9 $145.7 $33.4 $0.5 $701.1 
Commercial:
Pass$438.8 $353.0 $375.9 $316.0 $165.9 $255.2 $767.3 $8.9 $2,681.0 
Special mention3.9 13.9 3.1 2.2 6.2 0.6 19.1 — 49.0 
Substandard30.8 5.4 12.8 5.5 1.6 3.4 35.2 1.5 96.2 
Doubtful— 1.6 1.1 0.5 — — — — 3.2 
Total$473.5 $373.9 $392.9 $324.2 $173.7 $259.2 $821.6 $10.4 $2,829.4 
Agricultural:
Pass$109.6 $34.1 $39.4 $16.6 $13.5 $5.8 $379.4 $1.1 $599.5 
Special mention4.1 1.4 0.9 0.2 0.9 0.1 5.1 — 12.7 
Substandard4.1 25.9 0.1 — 0.5 — 25.9 0.3 56.8 
Doubtful18.9 — — — — — — — 18.9 
Total$136.7 $61.4 $40.4 $16.8 $14.9 $5.9 $410.4 $1.4 $687.9 
The Company evaluates the credit quality, loan performance, and the allowance for credit losses of its residential and consumer loan portfolios based primarily on the aging status of the loan and borrower payment activity. Accordingly, loans on non-accrual status and loans past due 90 days or more and still accruing interest are considered nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of these loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated:
December 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$45.6 $35.5 $71.5 $394.6 $449.2 $596.8 $494.2 $7.4 $2,094.8 
Nonperforming0.4 1.1 1.0 4.4 2.2 4.8 0.1 — 14.0 
Total$46.0 $36.6 $72.5 $399.0 $451.4 $601.6 $494.3 $7.4 $2,108.8 
Consumer indirect:
Performing$30.8 $169.6 $74.5 $102.1 $39.9 $54.9 $— $— $471.8 
Nonperforming0.7 1.4 1.2 1.0 0.6 0.8 — — 5.7 
Total$31.5 $171.0 $75.7 $103.1 $40.5 $55.7 $— $— $477.5 
Consumer direct and advance lines:
Performing$47.7 $25.6 $13.3 $9.9 $5.3 $5.0 $23.9 $0.1 $130.8 
Nonperforming0.1 0.2 0.1 0.1 — 0.1 — 0.1 0.7 
Total$47.8 $25.8 $13.4 $10.0 $5.3 $5.1 $23.9 $0.2 $131.5 
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$22.6 $73.8 $409.1 $487.3 $440.2 $252.5 $477.8 $12.5 $2,175.8 
Nonperforming1.3 1.5 4.9 2.1 1.1 4.9 — — 15.8 
Total$23.9 $75.3 $414.0 $489.4 $441.3 $257.4 $477.8 $12.5 $2,191.6 
Consumer indirect:
Performing$266.8 $127.2 $167.5 $68.9 $44.4 $45.6 $— $— $720.4 
Nonperforming0.9 1.1 1.1 0.6 0.4 0.5 — — 4.6 
Total$267.7 $128.3 $168.6 $69.5 $44.8 $46.1 $— $— $725.0 
Consumer direct and advance lines:
Performing$46.5 $25.4 $18.5 $10.0 $4.2 $5.2 $23.2 $0.1 $133.1 
Nonperforming0.4 0.1 0.2 0.1 — 0.1 — — 0.9 
Total$46.9 $25.5 $18.7 $10.1 $4.2 $5.3 $23.2 $0.1 $134.0 
Consumer credit card:
Performing$— $— $— $— $— $— $76.6 $— $76.6 
Nonperforming— — — — — — 1.0 — 1.0 
Total$— $— $— $— $— $— $77.6 $— $77.6 
The following table summarizes the current-period gross charge-offs by class of receivable and portfolio segment as of the dates indicated:
 December 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Real estate:
Commercial$— $0.4 $0.1 $16.2 $5.1 $0.2 $— $— $22.0 
Residential0.1 0.5 0.1 0.4 0.2 0.1 — — 1.4 
Agricultural— — 0.2 — — — — — 0.2 
Total real estate0.1 0.9 0.4 16.6 5.3 0.3 — — 23.6 
Consumer:
Indirect0.6 2.4 2.4 2.4 0.8 1.0 — — 9.6 
Direct and advance lines0.4 1.2 0.6 0.2 0.1 1.9 — — 4.4 
Credit card— — — — — — 3.5 — 3.5 
Total consumer1.0 3.6 3.0 2.6 0.9 2.9 3.5 — 17.5 
Commercial0.7 1.0 2.5 1.3 0.3 0.4 2.5 0.2 8.9 
Agricultural2.0 2.9 — — — — 0.1 — 5.0 
Total current-period gross charge-offs$3.8 $8.4 $5.9 $20.5 $6.5 $3.6 $6.1 $0.2 $55.0 
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Real estate:
Commercial$0.2 $5.7 $— $19.4 $— $0.1 $— $— $25.4 
Construction— — 13.1 — 0.1 — — — 13.2 
Residential— 0.2 0.2 0.1 0.3 0.2 — — 1.0 
Total real estate0.2 5.9 13.3 19.5 0.4 0.3 — — 39.6 
Consumer:
Indirect0.5 2.0 3.4 1.1 0.4 1.1 — — 8.5 
Direct and advance lines0.2 0.6 0.9 0.2 — 1.8 0.1 0.1 3.9 
Credit card— — — — — — 3.0 — 3.0 
Total consumer0.7 2.6 4.3 1.3 0.4 2.9 3.1 0.1 15.4 
Commercial21.6 2.2 1.1 0.3 0.1 0.1 31.1 2.9 59.4 
Agricultural— — — 0.3 — — — — 0.3 
Total current-period gross charge-offs$22.5 $10.7 $18.7 $21.4 $0.9 $3.3 $34.2 $3.0 $114.7